Former Liverpool manager Gerard Houllier believes that Steven Gerrard needs to make sure that he has enough money to buy good players before taking over at Rangers.

The former Liverpool and England captain is widely expected to take over at the Scottish Premiership giants in the coming weeks.

"Yes, there is truth in the rumours", Gerrard said, as quoted by ESPN FC. I've held initial talks with Rangers and there are plans to pick them up in a couple of days' time.

BBC Sport claims that the 37-year-old, who now holds the position of the Champions League semi-finalists' Under 18 coach, is on the brink of accepting the role at Ibrox Stadium, which will be his first senior managerial job since announcing his intentions to get into coaching following his retirement from football in 2017. "I'm busy for a couple of days now but I'll pick it up on Thursday and I'll see if we can progress it".

Hibs are level on points with Rangers and a fourth-place finish might not only see the club miss out on a Europa League slot should Motherwell beat Celtic in the Scottish Cup final, but it would see them lose out on a £560,000 cash windfall compared to ending the season as runners up.

Gerrard will be in Italy on Wednesday working as a TV pundit for Liverpool's Champions League semifinal against Roma.

Graeme Murty was set to manage Rangers until the end of the season but was dismissed on Monday in the wake of a 5-0 loss at Celtic. "[Gerrard] has to think about where he wants to go and how long he wants to be in football management".

"In terms of the size of the club and knowing Steven pretty well, I think it's a great opportunity for him", Lampard told TalkSPORT.